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Saturday, January 10, 2009

Exxon had already dropped its funding of lobby groups which deny the science of climate change and begun to take a softer public line, but even Mr Tillerson admitted that propounding a carbon tax had stuck in the craw until recently. However, with European-style "cap and trade" rules governing carbon emissions moving up the agenda in the US, a carbon tax may be the least worst option, he said. Environmental groups gave a sceptical response to Exxon's U-turn, calling it a deliberate attempt to torpedo the movement for outright carbon caps and any early switch to alternative energy.

Eventually, one must accept a logical approach, if for no other reason than avoiding negative PR.